Ten lessons for corporate innovators from my first two years in business
It’s two years since I left the world of employment to set up my own business. And it’s been a funny old time to be doing that!
Here are ten things I’ve learnt, focusing in on lessons that also apply to innovation within business.
1. BE OPEN TO CONSTANT LEARNING
Everything you do, every conversation you have is about learning. Learning new skills, different perspectives, changing contexts. You are constantly evolving and your ideas are constantly evolving. You need to be a sponge!
2. BE PATIENT
This has been the biggest learning for me (even though I knew it theoretically beforehand!) – and, in my experience, this is where most businesses really struggle when it comes to innovation.
Coming up with something that’s new, useful and aligned to your skills and passions is tricky and is a journey. Covid has actually helped – home-schooling has forced me to take things slower. That’s given me time to process what I’m hearing, reflect on conversations, join the dots and observe how the world is changing. And then evolve the business accordingly.
It would be lovely to identify the right audience, problem and solution straight away – but it’s not going to happen. However strong your vision, objectives and learning goals, you will still go on a meandering learning journey. So enjoy it and give it space to happen.
3. TALK TO PEOPLE OUTSIDE YOUR BUBBLE
Every time I talk to someone I learn something. They provide a different perspective or ask a question that gets me thinking. Conversations unlock things. They’re not always the things I think they’re going to unlock – they do always stop me being internally focused and inside my own head.
4. TALK TO YOUR TARGET CUSTOMER
You have to talk to your target customer to understand their world view and learn about their priorities and problems. Otherwise your entire business is built on the shaky foundations of assumption. Early on I was considering a service that was interesting to my target customer but didn’t tackle their biggest problem so they weren’t going to buy it – I killed that idea.
5. BE OPEN TO FEEDBACK
Actively and regularly seek out feedback. Be comfortable sharing raw ideas. Be comfortable hearing the brutal truth.
Everything you hear is data, helping you build a better picture of the real world (vs the one in your head). Listen, write it down, come back to it later, spot where you’re hearing the same thing repeatedly. You might not like what you hear – write it down, absorb it and let it sit with you for a while.
One caveat … don’t be too swayed by one person’s feedback. I’ve made this mistake a few times. However much you trust them, one person is just one opinion. This one opinion may raise a flag and get you asking questions – but don’t change tack because of what one person said, however important they seem!
6. BE OPEN TO CHANGING YOUR PLANS
Be open to a change in direction based on feedback, opportunity or a changing context.
The world has changed massively over the last two years – what might have worked or not worked two years ago could have a very different outcome now. Keep abreast of how the external world is changing and keep evaluating how that means you need to change your plans / proposition. What I’m doing now is an idea I parked pre-Covid because there wasn’t a strong enough demand - that’s changed now.
7. RUTHLESSLY PRIORITISE
What is your top priority right now? What do you need to learn? What do you need to deliver?
Be ruthlessly clear on how you spend your time and money – make sure you are always clear on your top 1-3 priorities and why you’re doing something. Don’t get distracted. Stop irrelevant activities. Let other things not happen. Say no to things that aren’t relevant.
Your current priorities will be driven by your overarching vision so make sure you’re clear on why you’re doing what you’re doing. Otherwise you will feel rudderless. What’s the problem that you’re solving? What’s the impact your want to have? What are your values and beliefs that underpin everything?
8. REMAIN OPEN TO OPPORTUNITIES
On the flipside, be open to opportunities. Don’t be so focused on your plans that you don’t spot a different way of doing things – e.g. a partnership opportunity opens up.
If you’re clear on your vision and your overarching objectives (including learning goals) then this makes it easier to do both 7 and 8 at the same time – ruthless prioritisation and jumping on opportunities.
9. YOU WILL MAKE MISTAKES – DON’T DWELL ON THEM
If I were to re-do the last two years there are so many things I’d do differently! It’s easy to look back and get cross with myself for wasting time on the wrong things / things that didn’t go anywhere. I have to let this go – at the time I was working on the things that seemed like the biggest priority at the time. Hindsight is a wonderful thing – I didn’t have it then! So don’t punish yourself … do make sure you learn and don’t make the same mistake again.
10. BE COMFORTABLE WITH BEING UNCOMFORTABLE
I have spent almost the entire last two years outside my comfort zone. If you’re creating something new that needs a new set of skills or experience then it won’t be easy.
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